Affiliated Development Launches $250 Million Fund to Address Florida's Housing Crisis
Affiliated Development has launched a $250 million impact investment fund to finance mixed-income workforce housing projects across Florida, addressing the state's critical housing shortage where over 60% of renters are cost-burdened.
Affiliated Development announced the launch of its second impact investment fund, Affiliated Housing Impact Fund II, LP, a $250 million vehicle that will deploy equity capital to finance mixed-income workforce housing projects across Florida. The fund builds on the success of the company's inaugural fund launched in 2020 and represents a significant commitment to addressing the state's critical housing shortage with attainable, Class A living solutions.
Principals Nick Rojo and Jeff Burns will serve as the sole general partners and managers of the fund, continuing Affiliated's proven strategy of delivering luxury multifamily communities at attainable rents through innovative public-private partnerships. The company specializes in partnerships that typically utilize government financing incentives to make projects financially feasible.
"South Florida is the epicenter of the housing affordability crisis," Burns said. "Over 60% of renters in the South Florida area are cost-burdened, meaning they pay more than 30% of their income on rent. We feel a sense of responsibility to work alongside local government to help find solutions to this growing issue."
The fund has completed its initial closing with the majority of commitments coming from local municipal, police and fire pension plans, many of which are repeat investors. This support reflects a shared vision of reinvesting capital back into local communities to drive economic growth while providing critical housing and generating market-rate returns.
"We are thrilled to deepen our alliance with our pension partners. Creating a win-win scenario where community investment drives financial returns," said Rojo. "Our expertise executing on this strategy, paired with the agility to seize opportunities, positions the fund for continued success."
Affiliated Development has been actively executing its housing strategy in South Florida since 2014. Recent project approvals include The Ray, a 400-unit mixed-income workforce housing development in Sunrise, and The Cove, a 376-unit development in Fort Lauderdale. The company has also secured approvals for 636 units across two mixed-income public-private partnerships in Boynton Beach - The Dune and The Pierce - with groundbreaking on The Dune expected in Q4 of this year.
Current construction activity includes The Era, a 400-unit mixed-income workforce housing development in Fort Lauderdale that broke ground in March. The company expects to deliver two additional mixed-income workforce projects by year-end: The Tropic, a 223-unit project in Hollywood, and The Spruce, a 270-unit project in downtown West Palm Beach. Recently completed and stabilized projects include The Grand (309 units) in West Palm Beach, The Bohemian (200 units) and The Mid (230 units) in Lake Worth Beach, and The Six13 (142 units) in Fort Lauderdale.